, Various Loan Facilities for Chartered Accountants in India

While chartered accountants are considered to be some of the most elite professionals in India with a high annual income, there are several financial needs that can require a substantial investment on their part. 

For example, starting a CA firm, or purchasing a house are some of the instances wherein such individuals have to invest a considerable amount, which can put a dent in their pockets.

Thus, to meet such unique requirements of CAs, financial institutions across the country have made various loan facilities available, that can allow them to avail financing without hassle. 

These loan facilities constitute a suite of four loans, viz home loans, loans against property, business loans and personal loans for chartered accountants. 

Among the four, the first two are secured advances, which can be availed against collaterals, while the latter ones are unsecured in nature. 

Following is an elaboration of the types of CA loans offered by financial institutions in India.

  1. Personal loans for CAs

These are unsecured loans and can be availed to meet financial requirements like medical emergencies, wedding costs, education expenses, expenses incurred for a trip, etc. You can avail up to Rs.37 lakh under this collateral-free loan and avail benefits like – 

  • A flexible tenor ranging between 12 months and 60 months.
  • Minimal documentation and easy eligibility criteria requirements.
  • Fast approval and instant disbursal of the loan amount.

Personal loan for chartered accountants is also available at competitive interest rates, making them easily repayable.

  1. Business loans for CAs

This particular loan for chartered accountants is extremely useful when it comes to availing finances for expansion of one’s business or firm. 

This advance can be utilised to avail a new space for your office, expand your business to other locations, manage the risk of late payment from clients, etc. A chartered accountant business loan also offers several other benefits like – 

  • A high loan-amount value of up to Rs.35 lakh.
  • An attractive rate of interest and a flexible tenor ranging between 12 and 60 months that can make repayment easier.
  • These are unsecured advances and do not require you to collateralise an asset.
  • Have minimal documentation requirements.

Furthermore, if you avail these loans from financial institutions like Bajaj Finserv, you become eligible for pre-approved offers that can make availing loans quick owing to a simplified application process. 

  1. Home loan for CAs

This is a high-value advance which can be utilised to purchase or construct a house. Few of the features of this advance includes – 

  • A high loan amount of up to Rs.2 crore.
  • A flexible repayment tenor which can extend up to 240 months.
  • Fast loan approval within 24 hours of application.
  • Facilities like home loan balance transfer, top-up loans, etc.
  • Easy to fulfil eligibility criteria and hassle-free documentation.

Furthermore, owing to the secured nature of this loan, borrowers can avail an attractive interest rate against a home loan for chartered accountants.

  1. Loan against property for chartered accountants

This is a secured advance which can be availed by mortgaging your property. Since this particular loan type does not have any end-use restrictions, it can be utilised to finance any high-value expenses like funding one’s child’s education abroad, purchasing a commercial property that can serve as one’s CA firm office, bolster growth opportunities for chartered accountants, etc. 

Some of the features of this loan include – 

  • You can avail an advance of up to Rs. 2 crores.
  • It comes with a flexible repayment tenor of up to 240 months.
  • Value-added services like property dossier.
  • Attractive interest rates.

These are the multi-purpose suite of loans for chartered accountants that are tailor-made to meet such an individual’s requirements.

Nonetheless, before applying for such loans, CAs must check the eligibility criteria to avail them.

Eligibility criteria to avail CA loans – 

To avail loans for CA, one must satisfy a few eligibility criteria like – 

  1. There should be a difference of four years between the issuance of an individual’s Certificate of Practice, and the date of the application for such loans.
  2. One should own a property in the location where their financial institution operates.

Thus, one looking to avail a personal loan for chartered accountants or any such advance must ensure that they follow the aforementioned criteria to avoid any hassle in the application process.